Alcoa (AA) retreated sharply since it tagged a new high of $62 per share. The daily chart shows how price retreated sharply back to the $50 area. Alcoa (AA) Daily Chart(click to enlarge)Breakout and Pullback:- The retreat is too sharp to just buy on the current dip. It would be like catching a falling knife right now.- However, we should note that the dip can be interpreted as a pullback after a bullish continuation breakout.- Price was in a range since February and broke above in April. - Now price is back around this range resistance, which could act as support.- I wouldn't be surprised if price pulls down further towards $48. But I think it should hold above $47 in a bullish market. - So far, all signs are that Alcoa (AA) is indeed still in a bullihs market.- It would take a break below $44 to convince me that Alcoa has formed a top.